Allegheny Energy To Pay $13 Million To Settle 14 Class Action Suits

Law360, New York (October 7, 2005, 12:00 AM EDT) -- Allegheny Energy Inc. has settled 14 class action lawsuits, agreeing to pay $13 million to investors who claim they were misled about the company’s financial situation.

The lawsuits against the company, filed in the U.S. District Court for the District of Maryland, were originally filed separately and then consolidated.

The complaint alleged that “during the Class Period, Defendants issued to the investing public materially false and misleading statements concerning the Company’s operational strategy, operations, and financial results that inflated the price of Allegheny commons stock artificially.”...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.